EIGHT STEPS TO START A BUSINESS
There
are many details involved in starting a business.
The process can be daunting. Below are eight “big” steps, each with
its own list of “baby” steps.
This is by no means an exhaustive list, but it includes the steps most
start-ups must take. Check them off if they are done and work your way down the
rest of the list
RESEARCH,
PLAN, TEST, EVALUATE AND EXECUTE
Choose
a business based on your skills and interests. | |
Assess
your strengths and weaknesses. | |
Develop
clear business and financial goals. | |
Research
the business idea: |
What
resources are required to launch and build the business |
WRITE
A BUSINESS PLAN
What
kind of team needs to be recruited? | |
What
is the mission of the business? | |
Describe
the product or service |
How
will you position the company and products vis-ŕ-vis the competition? | |
What
will be your distinctive competitive advantages? | |
What
financial resources are required? | |
What
are the risks? | |
What
are the start-up costs? | |
How
long will it take to reach profitability? | |
What
is the exit strategy? | |
What
is the return on investment? |
CHECK
AND RESERVE THE NAME OF THE BUSINESS
Choose
the name of the business. | |
Verify
the availability of the name selected. | |
Research
and test the effectiveness of the name. | |
Reserve
or register the name-
a unique name can only be applied for under a company structure. | |
If
an internet web site is being acquired apply for the unique domain name. |
CHOOSE
LEGAL STRUCTURE AND FILE ORGANISATIONAL PAPERS
Decide
whether to organize as a Sole Proprietorship, Partnership or Company. | |
Apply
for taxation IRD Numbers, and GST and Employee registration with the Inland
Revenue Department if applicable. |
SECURE
REQUIRED PERMITS AND LICENCES
Required
Public Notices
e.g Liquor Licences, Notice for Taxi driver. |
SECURE
AND PROTECT INTELLECTUAL PROPERTY
Copyrights. | |
Trademarks. | |
Patents. | |
Legal
Agreements. |
PREPARE
MARKETING PLAN AND SALES MATERIALS
Business
cards. | |
Stationery. | |
Flyer/
Brochure. | |
Press
Release. | |
Web
Site. | |
Email
contact list. | |
Advertisements. | |
Promotional
items. | |
Networking
events | |
Tradeshows |
SET
UP AND MANAGE BUSINESS OPERATIONS
Choose
the location of your business. |
Order
Phone, Fax, Email | |
Order
Office Equipment, Supplies | |
Order
Fixtures, Signage, Stock | |
Open
Business Bank accounts |
Obtain
Insurance |
Accounting
System. | |
Retain
professional team |
Association
Memberships, Subscriptions. | |
File
all IRD Returns |
If we can assist further, please email TotalAccounting as follows:
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